Question about Being "FLAGGED" for too many accounts.

[Anonymous]

While checking my credit report the feedback section on the report that tells you what things need to me worked on is "FLAGGING" me that I have:

too many accounts with balances

and

too many accounts

I understand what needs to be done to fix the "too many accounts with balances" but the "too many accounts" is freaking me out.  The report says I have 31 accounts showing as "Paid or Paying as agreed" only 10 of those accounts actually have balances. Then when I drill into those accounts with the "paid or paying as agreed" status, many of the accounts are actually showing closed. 

 If the account is closed and paid in full should I be trying to get it totally removed from the report? If so how do you do that?  I'm concentrating on paying down or closing accounts with balances but even if I get down to 4-5 open accounts I'm still going to have 31 accoutns total.   Does anybody have any suggestions?

[MarineVietVet]

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@Anonymous wrote:

While checking my credit report the feedback section on the report that tells you what things need to me worked on is "FLAGGING" me that I have:

too many accounts with balances

and

too many accounts

I understand what needs to be done to fix the "too many accounts with balances" but the "too many accounts" is freaking me out.  The report says I have 31 accounts showing as "Paid or Paying as agreed" only 10 of those accounts actually have balances. Then when I drill into those accounts with the "paid or paying as agreed" status, many of the accounts are actually showing closed. 

 If the account is closed and paid in full should I be trying to get it totally removed from the report? If so how do you do that?  I'm concentrating on paying down or closing accounts with balances but even if I get down to 4-5 open accounts I'm still going to have 31 accoutns total.   Does anybody have any suggestions?

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Welcome to the forums

Having too many accounts with balances is a concern but I personally wouldn't be all that worried about "too many accounts". I have more than you showing on my reports and most of those are closed. If the accounts are in good standing I would leave them alone. They are all helping your AAoA (Average Age of Accounts). Closed accounts in good standing CAN remain for up to 10 years after closing. Sometimes they will drop earlier but the rule of thumb is 10 years.

You are correct in trying to get as many balances paid off as quickly as possible. That should alway be a high priority. 

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work.

[Jazzzy]

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@Anonymous wrote:

While checking my credit report the feedback section on the report that tells you what things need to me worked on is "FLAGGING" me that I have:

too many accounts with balances

and

too many accounts

I understand what needs to be done to fix the "too many accounts with balances" but the "too many accounts" is freaking me out.  The report says I have 31 accounts showing as "Paid or Paying as agreed" only 10 of those accounts actually have balances. Then when I drill into those accounts with the "paid or paying as agreed" status, many of the accounts are actually showing closed. 

 If the account is closed and paid in full should I be trying to get it totally removed from the report? If so how do you do that?  I'm concentrating on paying down or closing accounts with balances but even if I get down to 4-5 open accounts I'm still going to have 31 accoutns total.   Does anybody have any suggestions?

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Nope...don't have the good ones removed. Some day you'll be glad for every one of them. They will help strengthen your history and your average of accounts (AAoA).

I get flagged because I have 35 accounts. Many of these are school loans that got moved around by the lender...closed and transferred....over and over again. When I finish grad school, I will consolidate and have even more accounts. I can't change that...so, I'll take the ding for too many accounts. As my older ones drop off, I'll be glad to have these.

Just worry about the too many with balances.

[haulingthescoreup]

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credit_warrior wrote:

While checking my credit report the feedback section on the report that tells you what things need to me worked on is "FLAGGING" me that I have:

too many accounts with balances

and

too many accounts...

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Hi, welcome to the forums!

Can I ask if this is a FICO score report, or is it a credit report with advice at the bottom?

There are non-FiCO scoring systems (that love to take your money) that will give you advice that isn't necessarily relevant to FICO scoring.

There is a FICO ding, very minor, for too many accounts, but I just wanted to make sure that you're looking at FICO advice. If it isn't, disregard whatever they say.

[Anonymous]

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@Anonymous wrote:

I understand what needs to be done to fix the "too many accounts with balances" but the "too many accounts" is freaking me out.

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If there is a Fico ding, it's microscopic. DW and I both have a high enough number of accounts to generate that message and we're both pushing 800. Another guy on CB has 98 accounts and he has an 800+ score. Don't worry about it ...

[Anonymous]

thanks for your encouragement and your response.

[Anonymous]

If I'm not mistaken it's definately a FICO report that was generated through transunion and / or suze ormans product.  But yes there is advice at the bottom of the report.   Thanks for your reply.